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Suncorp changes product policy

by Staff Reporter7 minute read
The Adviser

Suncorp has issued changes to its loan criteria and borrower assessments.

The lender has made several credit policy chnages to help it comply with the upcoming National Consumer Credit Protection Act, which come into effect from 1 January.

The credit policy changes include asking for extra detail on a customer’s monthly living expenses and extending the serviceability buffer from 0.65 per cent to 1.25 per cent.

The lender’s executive manager of personal lending Tony Meredith said the changes were not big and should only mean each broker has to spend approximately 10 extra minutes with each potential borrower.

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